GDT starts 2024 with further rise

The first New Zealand GDT auction of 2024 saw the index price recording a 1.2% increase on Tuesday 2 January, making it three positive auctions in succession.

The auction is a key barometer for global dairy markets and the opening auction of 2024 is the seventh increase across the last nine events going back to early September.

The price index now stands at 1,038 and since early autumn, it has steadily recovered to a 10 month high point.

At Tuesday’s auction, butter rose by 2.1% to US $5,514/t, putting it at its highest price level since July 2022.

Whole milk powder rose by 2.5% to an 11 month high point of $3,290/t. However, skim milk powder fell 0.9% to $2,613/t, while cheddar price dropped 2.4% to $4,165/t.

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